0001437749-25-003166 | 10-Q | XBRL Viewer

Share-Based Payment Arrangement [Text Block]

NOTE G — STOCK BASED COMPENSATION

The Company maintains the Friedman Industries, Incorporated 2016 Restricted Stock Plan (the “Plan”). The Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) and continues indefinitely until terminated by the Board or until all shares allowed by the Plan have been awarded and earned. The aggregate number of shares of the Company’s Common Stock eligible for award under the Plan is 500,000 shares. Subject to the terms and provisions of the Plan, the Committee may, from time to time, select the employees, directors or consultants to whom awards will be granted and shall determine the amount and applicable restrictions of each award. Restricted awards entitle recipients to vote and receive non-forfeitable dividends during the restriction period. Because dividends are non-forfeitable, they are reflected in retained earnings. Forfeitures are accounted for upon their occurrence. Because the Company accounts for forfeitures as they occur, the non-forfeitable dividends are reclassified from retained earnings to additional stock compensation for the actual forfeitures that occurred.

The following table summarizes the activity related to restricted stock units (“RSUs”) for the nine months ended December 31, 2024:

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2024		64,487		$	6.62
Cancelled or forfeited		—			—
Granted		—			—
Vested		(46,000	)		6.45
Unvested at December 31, 2024		18,487		$	7.04

The Company measures compensation expense for RSUs at the market price of the common stock as of the grant date. Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of approximately $0.1 million and $0.2 million in the nine months ended December 31, 2024 and 2023, respectively, relating to the RSUs issued under the Plan. As of December 31, 2024, unrecognized compensation expense related to unvested RSUs was approximately $15,000 which is expected to be recognized over a weighted average period of approximately 0.3 years. As of December 31, 2024, a total of 117,998 shares were still available to be issued under the Plan.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Dec. 31, 2024	Feb. 07, 2025
Document Information [Line Items]
Entity Central Index Key	0000039092
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	1-7521
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1504405
Entity Address, Address Line One	1121 Judson Road, Suite 124
Entity Address, City or Town	Longview
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75601
City Area Code	903
Local Phone Number	758-3431
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	FRD
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,970,536

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net Sales	$ 94,074	$ 115,973	$ 315,384	$ 384,019
Costs and expenses:
Selling, general and administrative	3,887	4,235	12,333	14,902
Depreciation and amortization	827	754	2,445	2,262
Costs and Expenses	95,636	109,800	318,346	366,434
Gain on disposal of property, plant and equipment	375	0	153	0
EARNINGS (LOSS) FROM OPERATIONS	(1,187)	6,173	(2,809)	17,585
Gain (loss) on economic hedges of risk	264	(4,126)	5,833	706
Interest expense	(632)	(790)	(2,182)	(2,135)
Other income	3	1	3	17
EARNINGS (LOSS) BEFORE INCOME TAXES	(1,552)	1,258	845	16,173
Provision for (benefit from) income taxes:
Current	(393)	82	130	3,827
Deferred	(7)	(8)	(25)	(41)
Income taxes	(400)	74	105	3,786
NET EARNINGS (LOSS)	$ (1,152)	$ 1,184	$ 740	$ 12,387
Net earnings (loss) per share:
Basic (in dollars per share)	$ (0.17)	$ 0.16	$ 0.11	$ 1.69
Diluted (in dollars per share)	(0.17)	0.16	0.11	1.69
Cash dividends declared per common share (in dollars per share)	$ 0.04	$ 0.02	$ 0.12	$ 0.06
Material Sold Expense [Member]
Costs and expenses:
Cost of goods and services sold	$ 78,509	$ 91,972	$ 263,165	$ 309,157
Processing and Warehouse Expense [Member]
Costs and expenses:
Cost of goods and services sold	7,472	7,370	24,030	22,678
Delivery Expense [Member]
Costs and expenses:
Cost of goods and services sold	$ 4,941	$ 5,469	$ 16,373	$ 17,435

Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Derivative asset	$ 38	$ 74
Derivative liability	10	1,686
Hot-rolled Coil Future Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative asset	38	74
Derivative liability	$ 10	$ 1,686

Note E - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Operating lease right-of-use asset	$ 2,894	$ 2,841
Finance lease right-of-use asset	385	404
Total right-of-use assets	3,279	3,245
Operating lease liability, current	157	101
Current portion of financing lease	0	54
NON-CURRENT LEASE LIABILITIES	2,790	2,782
Total lease liabilities	$ 2,947	$ 2,937

Note M - Other Comprehensive Income - Summary of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash flow hedges, before tax				$ 418
Cash flow hedges, tax				(101)
Cash flow hedges	$ 0	$ 0	$ 0	317
Other comprehensive income (loss), before tax				418
Other comprehensive income (loss), tax				(101)
Other Comprehensive Income (Loss)	$ 0	$ 0	$ 0	$ 317

Note E - Leases (Details Textual) - USD ($)	1 Months Ended		9 Months Ended
Note E - Leases (Details Textual) - USD ($)	Apr. 30, 2024	Oct. 31, 2019	Dec. 31, 2024
Operating Lease, Weighted Average Remaining Lease Term (Year)			19 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent			7.50%
Heavy-duty Forklift [Member]
Lessee, Finance Lease, Term of Contract (Year)		5 years
Finance Lease, Liability, to be Paid		$ 500,000
Finance Lease, Monthly Payment		$ 9,000
Granite City, IL Facility [Member]
Lessee, Operating Lease, Renewal Term (Year)			5 years
Operating Lease, Monthly Payments			$ 13,000
Administrative Office Space in Woodlands, Texas [Member]
Operating Lease, Monthly Payments			$ 11,000
Operating Lease, Additional Term (Month)			60 months
Office Space in Longview, Texas [Member]
Operating Lease, Monthly Payments	$ 5,000

Note E - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Finance lease – amortization of ROU asset	$ 0	$ 26	$ 54	$ 78
Finance lease – interest on lease liability	0	1	0	3
Operating lease expense	108	34	276	102
Lease, Cost	$ 108	$ 61	$ 330	$ 183

Note O - Supplemental Cash Flow Information

9 Months Ended

Dec. 31, 2024

Cash Flow, Supplemental Disclosures [Text Block]

NOTE O — SUPPLEMENTAL CASH FLOW INFORMATION

The Company paid interest of approximately $2.2 million and $2.1 million during the nine months ended December 31, 2024 and 2023, respectively. Additionally, the Company paid income taxes of approximately $2.9 million and $2.8 million during the nine months ended December 31, 2024 and 2023, respectively.

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pre-tax gain (loss) recognized in OCI				$ 0
Revenue	$ 94,074	$ 115,973	$ 315,384	384,019
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue				(418)
Hot-rolled Coil Future Contracts [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue				(418)
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Pre-tax gain (loss) recognized in OCI				$ 0

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Note K - Revenue

9 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Text Block]

NOTE K — REVENUE

Revenue is generated primarily from contracts to manufacture or process steel products. Most of the Company’s revenue is generated by sales of material out of the Company’s inventory but a portion of the Company’s revenue is derived from processing or storage of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not maintain contract asset balances. Additionally, the Company does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. The Company offers industry standard payment terms.

The Company has two reportable segments: Flat-Roll and Tubular. Flat-roll primarily generates revenue from cutting to length hot-rolled steel coils. Flat-roll segment revenue consists of two product types: Company Owned Flat-Roll Products and Processing or Storage of Customer Owned Coil. Tubular primarily generates revenue from selling steel pipe it has manufactured resulting in a single product type: Manufactured Pipe.

The following table disaggregates our revenue by product for each of our reportable business segments for the three and nine months ended December 31, 2024 and 2023, respectively (in thousands):

	*Three Months Ended*				*Nine Months Ended*
	*December 31,*				*December 31,*
	*2024*		*2023*		*2024*		*2023*
Flat-Roll Segment:
Company Owned Flat-Roll Products		85,131		105,377		283,197		348,545
Processing or Storage of Customer Owned Coil		1,013		1,047		3,713		3,603
		86,144		106,424		286,910		352,148
Tubular Segment:
Manufactured Pipe		7,930		9,549		28,474		31,871
		7,930		9,549		28,474		31,871

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Note J - Industry Segment Data

9 Months Ended

Dec. 31, 2024

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two product groups: flat-roll and tubular. The Company’s flat-roll operations consist primarily of converting steel coils into flat sheet and plate steel cut to customer specifications. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products. The following is a summary of significant financial information relating to the product groups (in thousands):

	*Three Months Ended*						*Nine Months Ended*
	*December 31,*						*December 31,*
	*2024*			*2023*			*2024*			*2023*
NET SALES:
Flat-Roll	$	86,144		$	106,424		$	286,910		$	352,148
Tubular		7,930			9,549			28,474			31,871
TOTAL NET SALES	$	94,074		$	115,973		$	315,384		$	384,019
OPERATING PROFIT (LOSS):
Flat-Roll	$	1,295		$	8,694		$	6,630		$	23,650
Tubular		(234	)		(116	)		(2,001	)		2,164
TOTAL OPERATING PROFIT		1,061			8,578			4,629			25,814
General corporate expenses		(2,248	)		(2,405	)		(7,438	)		(8,229	)
Gain (loss) on economic hedges of risk		264			(4,126	)		5,833			706
Interest expense		(632	)		(790	)		(2,182	)		(2,135	)
Other income		3			1			3			17
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES	$	(1,552	)	$	1,258		$	845		$	16,173

	*December 31, 2024*		*March 31, 2024*
IDENTIFIABLE ASSETS:
Flat-Roll	$	193,538	$	205,797
Tubular		13,914		19,589
		207,452		225,386
General corporate assets		2,800		4,633
	$	210,252	$	230,019

Operating profit (loss) is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges of risk, interest expense and other income (loss). General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate and accounting salaries, professional fees and services, bad debts, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At December 31, 2024 and March 31, 2024, corporate assets consist primarily of cash, restricted cash, leased administrative office right-of-use assets, unamortized debt issuance costs and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note I - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Commodity futures – financial assets, net	$ 28	$ 1,612
Total	28	1,612
Commodity futures – financial liabilities, net	(28)	(1,612)
Total	(28)	(1,612)
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial assets, net		1,612
Total	28	1,612
Commodity futures – financial liabilities, net		(1,612)
Total	(28)	(1,612)
Fair Value, Inputs, Level 2 [Member]
Commodity futures – financial assets, net	0	(0)
Total	0	(0)
Commodity futures – financial liabilities, net	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Commodity futures – financial assets, net	0	(0)
Total	0	(0)
Commodity futures – financial liabilities, net	0	0
Total	$ 0	$ 0

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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Note E - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Fiscal 2025 (remainder of fiscal year), operating leases	$ 90
Fiscal 2026, operating leases	363
Fiscal 2027, operating leases	371
Fiscal 2028, operating leases	324
Fiscal 2029 and beyond, operating leases	5,043
Total undiscounted lease payments, operating leases	6,191
Less: imputed interest, operating leases	(3,244)
Present value of lease liability, operating lease	$ 2,947

Note P - Income Taxes

9 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Text Block]

NOTE P — INCOME TAXES

For the nine month periods ended December 31, 2024 and 2023, the Company recorded income tax provisions of approximately $0.1 million and $3.8 million, respectively. For the nine months ended December 31, 2024, the effective tax rate differed from the federal statutory rate due primarily to the tax effect of restricted stock vesting during the period with this impact partially reduced by the inclusion of state tax expenses in the provision. For the nine months ended December 31, 2023, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision.

The entire disclosure for income tax.

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Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash dividends, per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.04	$ 0.02	$ 0.02	$ 0.02	$ 0.12	$ 0.06

Note C - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Inventory, Net	$ 115,394	$ 115,804
Flat-Roll Inventory [Member]
Flat-Roll raw material	88,379	85,483
Flat-Roll finished goods	16,504	17,030
Tubular Inventory [Member]
Flat-Roll raw material	5,707	4,185
Flat-Roll finished goods	$ 4,804	$ 9,106

Note B - New Accounting Pronouncements

9 Months Ended

Dec. 31, 2024

Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE B — NEW ACCOUNTING PRONOUNCEMENTS

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income statement captions such as “Cost of sales” and “Selling, general and administrative expenses”. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2024-03 will have on its consolidated financial statements.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and provide income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign operations. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2023-09 will have on its consolidated financial statements.

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the impact that adoption of the provisions of ASU 2023-07 will have on its consolidated financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Note E - Leases

9 Months Ended

Dec. 31, 2024

Lessee, Operating Leases [Text Block]

NOTE E — LEASES

The Company has an operating lease for the Granite City, IL facility with an expiration date of August 31, 2028 and optional renewal provisions for up to 4 renewal terms of five years each. The lease calls for monthly rental payments that adjust on an annual basis. The monthly rental payment in place at December 31, 2024 and remaining in place until adjustment in September 2025 is approximately $13,000 per month. The anticipated execution of renewal options for this lease is included in the ROU asset and lease liability calculation. The Company has an operating lease for administrative office space in The Woodlands, TX with an expiration date of February 28, 2029 and a renewal option for one additional 60 month term. The lease calls for monthly rental payments that adjust on an annual basis. The monthly rental payment in place at December 31, 2024 and remaining in place until adjustment in March 2025 is approximately $11,000 per month. The Company’s lease of its office space in Longview, Texas is the only other operating lease included in the Company's ROU assets and lease liabilities. This lease expires on April 30, 2027 and calls for monthly rental payments of approximately $5,000. The Company’s other operating leases for items such as IT equipment and storage space are either short-term in nature or immaterial.

In October 2019, the Company acquired equipment under a 5-year finance lease arrangement with a financed amount of approximately $0.5 million and a monthly payment of approximately $9,000. The last payment under this lease was made in October 2024.

The components of expense related to leases for the three and nine months ended December 31, 2024 and 2023 are as follows (in thousands):

	*Three Months Ended*				*Nine Months Ended*
	*December 31,*				*December 31,*
	*2024*		*2023*		*2024*		*2023*
Finance lease – amortization of ROU asset	$	—	$	26	$	54	$	78
Finance lease – interest on lease liability		—		1		—		3
Operating lease expense		108		34		276		102
	$	108	$	61	$	330	$	183

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of December 31, 2024 and March 31, 2024 (in thousands):

	*December 31, 2024*		*March 31, 2024*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	2,894	$	2,841	Operating lease right-of-use asset
Finance lease right-of-use asset		385		404	Property, plant & equipment
Total right-of-use assets	$	3,279	$	3,245
Liabilities
Operating lease liability, current	$	157	$	101	Accrued expenses
Finance lease liability, current		—		54	Current portion of finance lease
Operating lease liability, non-current		2,790		2,782	Non-current lease liabilities
Total lease liabilities	$	2,947	$	2,937

As of December 31, 2024, the weighted-average remaining lease term was 19.3 years for operating leases. The weighted average discount rate was 7.5% for operating leases.

Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):

	Operating Leases
Fiscal 2025 (remainder of fiscal year)		90
Fiscal 2026		363
Fiscal 2027		371
Fiscal 2028		324
Fiscal 2029 and beyond		5,043
Total undiscounted lease payments	$	6,191
Less: imputed interest		(3,244	)
Present value of lease liability	$	2,947

Note K - Revenue (Details Textual)	9 Months Ended
Note K - Revenue (Details Textual)	Dec. 31, 2024
Number of Reportable Segments	2

Note L - Stockholders' Equity

9 Months Ended

Dec. 31, 2024

Equity [Text Block]

NOTE L — STOCKHOLDERS’ EQUITY

The following tables reflect the changes in stockholders’ equity for each of the nine months ended December 31, 2024 and December 31, 2023 (in thousands):

			*Accumulated*
			*Other*
			*Comprehensive*		*Additional*
	*Common*		*Income,*		*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*		*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2024	$	8,873		—	$	35,247	$	(12,929	)	$	96,284		$	127,475
Net earnings		—		—		—		—			2,567			2,567
Paid in capital – restricted stock units		—		—		47		—			—			47
Repurchase of shares		—		—		—		(123	)		—			(123	)
Cash dividends ($0.04 per share)		—		—		—		—			(279	)		(279	)
BALANCE AT JUNE 30, 2024	$	8,873	$	—	$	35,294	$	(13,052	)	$	98,572		$	129,687
Net loss		—		—		—		—			(675	)		(675	)
Paid in capital – restricted stock units		—		—		42		—			—			42
Repurchase of shares		—		—		—		(11	)		—			(11	)
Cash dividends ($0.04 per share)		—		—		—		—			(279	)		(279	)
BALANCE AT SEPTEMBER 30, 2024	$	8,873	$	—	$	35,336	$	(13,063	)	$	97,618		$	128,764
Net loss		—		—		—		—			(1,152	)		(1,152	)
Paid in capital – restricted stock units		—		—		32		—			—			32
Repurchase of shares		—		—		—		(37	)		—			(37	)
Cash dividends ($0.04 per share)		—		—		—		—			(278	)		(278	)
BALANCE AT DECEMBER 31, 2024	$	8,873	$	—	$	35,368	$	(13,100	)	$	96,188		$	127,329

			*Accumulated*
			*Other*
			*Comprehensive*			*Additional*
	*Common*		*Income,*			*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*			*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2023	$	8,869		(317	)	$	35,005	$	(7,778	)	$	79,653		$	115,432
Net earnings		—		—			—		—			7,690			7,690
Other comprehensive income		—		317			—		—			—			317
Paid in capital – restricted stock units		—		—			78		—			—			78
Cash dividends ($0.02 per share)		—		—			—		—			(148	)		(148	)
BALANCE AT JUNE 30, 2023	$	8,869	$	—		$	35,083	$	(7,778	)	$	87,195		$	123,369
Net earnings		—		—			—		—			3,513			3,513
Paid in capital – restricted stock units		—		—			78		—			—			78
Repurchase of shares		—		—			—		(3	)		—			(3	)
Cash dividends ($0.02 per share)		—		—			—		—			(148	)		(148	)
BALANCE AT SEPTEMBER 30, 2023	$	8,869	$	—		$	35,161	$	(7,781	)	$	90,560		$	126,809
Net earnings		—		—			—		—			1,184			1,184
Paid in capital – restricted stock units		—		—			37		—			—			37
Repurchase of shares		—		—			—		(5,148	)		—			(5,148	)
Cash dividends ($0.02 per share)		—		—			—		—			(139	)		(139	)
BALANCE AT DECEMBER 31, 2023	$	8,869	$	—		$	35,198	$	(12,929	)	$	91,605		$	122,743

The entire disclosure for equity.

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Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Hot-rolled coil steel contracts			$ 1,640	$ 894
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 264	$ (4,126)	$ 5,833	$ 706

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net earnings	$ (1,152)	$ 1,184	$ 740	$ 12,387
Other comprehensive income:
Cash flow hedges, net of tax	0	0	0	317
Other Comprehensive Income (Loss)	0	0	0	317
Comprehensive income (loss)	$ (1,152)	$ 1,184	$ 740	$ 12,704

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note K - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net Sales	$ 94,074	$ 115,973	$ 315,384	$ 384,019
Flat-roll [Member]
Net Sales	86,144	106,424	286,910	352,148
Flat-roll [Member] \| Prime Coil [Member]
Net Sales	85,131	105,377	283,197	348,545
Flat-roll [Member] \| Customer Owned [Member]
Net Sales	1,013	1,047	3,713	3,603
Tubular [Member]
Net Sales	7,930	9,549	28,474	31,871
Tubular [Member] \| Manufactured Pipe [Member]
Net Sales	$ 7,930	$ 9,549	$ 28,474	$ 31,871

Note E - Leases (Tables)

9 Months Ended

Dec. 31, 2024

Lease, Cost [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*December 31,*				*December 31,*
	*2024*		*2023*		*2024*		*2023*
Finance lease – amortization of ROU asset	$	—	$	26	$	54	$	78
Finance lease – interest on lease liability		—		1		—		3
Operating lease expense		108		34		276		102
	$	108	$	61	$	330	$	183

Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]

	*December 31, 2024*		*March 31, 2024*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	2,894	$	2,841	Operating lease right-of-use asset
Finance lease right-of-use asset		385		404	Property, plant & equipment
Total right-of-use assets	$	3,279	$	3,245
Liabilities
Operating lease liability, current	$	157	$	101	Accrued expenses
Finance lease liability, current		—		54	Current portion of finance lease
Operating lease liability, non-current		2,790		2,782	Non-current lease liabilities
Total lease liabilities	$	2,947	$	2,937

Operating and Finance Lease, Liability, Maturity [Table Text Block]

	Operating Leases
Fiscal 2025 (remainder of fiscal year)		90
Fiscal 2026		363
Fiscal 2027		371
Fiscal 2028		324
Fiscal 2029 and beyond		5,043
Total undiscounted lease payments	$	6,191
Less: imputed interest		(3,244	)
Present value of lease liability	$	2,947

Note O - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Taxes Paid, Net	$ 2.2	$ 2.1	$ 2.9	$ 2.8

Note J - Industry Segment Data (Tables)

9 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Three Months Ended*						*Nine Months Ended*
	*December 31,*						*December 31,*
	*2024*			*2023*			*2024*			*2023*
NET SALES:
Flat-Roll	$	86,144		$	106,424		$	286,910		$	352,148
Tubular		7,930			9,549			28,474			31,871
TOTAL NET SALES	$	94,074		$	115,973		$	315,384		$	384,019
OPERATING PROFIT (LOSS):
Flat-Roll	$	1,295		$	8,694		$	6,630		$	23,650
Tubular		(234	)		(116	)		(2,001	)		2,164
TOTAL OPERATING PROFIT		1,061			8,578			4,629			25,814
General corporate expenses		(2,248	)		(2,405	)		(7,438	)		(8,229	)
Gain (loss) on economic hedges of risk		264			(4,126	)		5,833			706
Interest expense		(632	)		(790	)		(2,182	)		(2,135	)
Other income		3			1			3			17
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES	$	(1,552	)	$	1,258		$	845		$	16,173

	*December 31, 2024*		*March 31, 2024*
IDENTIFIABLE ASSETS:
Flat-Roll	$	193,538	$	205,797
Tubular		13,914		19,589
		207,452		225,386
General corporate assets		2,800		4,633
	$	210,252	$	230,019

Note C - Inventories (Tables)

9 Months Ended

Dec. 31, 2024

Schedule of Inventory, Current [Table Text Block]

	*December 31, 2024*		*March 31, 2024*
Flat-Roll raw material	$	88,379	$	85,483
Flat-Roll finished goods		16,504		17,030
Tubular raw material		5,707		4,185
Tubular finished goods		4,804		9,106
	$	115,394	$	115,804

Note A - Basis of Presentation

9 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE A — BASIS OF PRESENTATION

The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes of Friedman Industries, Incorporated (the “Company”) included in its annual report on Form 10-K for the year ended March 31, 2024.

Reclassifications

The consolidated financial statements for the previous year include certain reclassifications to conform to the current presentation. To conform with the current year presentation, “Cost of products sold” on the consolidated statements of operations was disaggregated into four separate line items: "Cost of materials sold", "Processing and warehousing expense", "Delivery expense" and "Depreciation and amortization". The Company believes this increased level of detail provides financial statement users with a better understanding of the Company's expenses. "Cost of materials sold" provides the costs associated with purchased steel, inbound freight, transfer freight and certain external processing costs. "Processing and warehousing expense" represents the operating costs at our processing facilities. "Delivery expense" represents the costs of delivering products to customers. The amount the Company charged customers for delivery of products is reported within "Net sales" on the consolidated statements of operations. These reclassifications had no impact on previously reported net earnings or stockholders' equity.

Note D - Debt

9 Months Ended

Dec. 31, 2024

Debt Disclosure [Text Block]

NOTE D — DEBT

The Company has a $150 million asset-based lending facility ("ABL Facility") in place with JPMorgan Chase Bank, N.A. as the arranging agent and BMO Harris Bank, N.A. as a one-third syndicated participant. The ABL Facility matures on May 19, 2026 and is secured by substantially all of the assets of the Company. The Company can elect borrowings on a floating rate basis or a term basis. Floating rate borrowings accrue interest at a rate equal to the prime rate minus 1% per annum. Term rate borrowings accrue interest at a rate equal to the SOFR rate applicable to the selected term plus 1.8% per annum. Availability of funds under the ABL Facility is subject to a borrowing base calculation determined as the sum of (a) 90% of eligible accounts receivable, plus (b) the product of 85% multiplied by the net orderly liquidating value percentage identified in the most recent inventory appraisal multiplied by eligible inventory. The ABL Facility contains a springing financial covenant whereby the financial covenant is only tested when availability falls below the greater of 15% of the revolving commitment or $22.5 million. The financial covenant restricts the Company from allowing its fixed charge coverage ratio to be, as of the end of any calendar month, less than 1.10 to 1.00 for the trailing twelve-month period then ending. The fixed charge coverage ratio is calculated as the ratio of (a) EBITDA, as defined in the ABL Facility, minus unfinanced capital expenditures to (b) cash interest expense plus scheduled principal payments on indebtedness plus taxes paid in cash plus restricted payments paid in cash plus capital lease obligation payments plus cash contributions to any employee pension benefit plans. The ABL Facility contains other representations and warranties and affirmative and negative covenants that are usual and customary. If certain conditions precedent are satisfied, the ABL facility may be increased by up to an aggregate of $25 million, in minimum increments of $5 million. At December 31, 2024, the Company had a balance of approximately $32.5 million under the ABL Facility with an applicable interest rate of 6.5%. At December 31, 2024, the Company's applicable borrowing base calculation supported access to approximately $99.2 million of the ABL Facility.

The Company incurred debt issuance costs of approximately $0.4 million in connection with the ABL Facility. The Company recorded these debt issuance costs as non-current other assets and is amortizing these costs on an equal monthly basis over the remaining term of the ABL facility.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note G - Stock Based Compensation (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 01, 2016
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense	$ 100,000	$ 200,000
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)			500,000
2016 Restricted Stock Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 15,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	117,998

Note N - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Net earnings	$ (1,152)	$ (675)	$ 2,567	$ 1,184	$ 3,513	$ 7,690	$ 740	$ 12,387
Less: Allocation to unvested restricted stock units	1			10			3	131
Net earnings (loss) attributable to common shareholders	$ (1,153)			$ 1,174			$ 737	$ 12,256
Weighted average common shares outstanding (in shares)	6,948,023			7,245,183			6,942,216	7,274,332

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Balance	$ 128,764	$ 129,687	$ 127,475	$ 126,809	$ 123,369	$ 115,432	$ 127,475	$ 115,432
Net earnings	(1,152)	(675)	2,567	1,184	3,513	7,690	740	12,387
Paid in capital – restricted stock units	32	42	47	37	78	78
Repurchase of shares	(37)	(11)	(123)	(5,148)	(3)
Cash dividends	(278)	(279)	(279)	(139)	(148)	(148)
Other comprehensive income						317
Balance	127,329	128,764	129,687	122,743	126,809	123,369	127,329	122,743
Common Stock [Member]
Balance	8,873	8,873	8,873	8,869	8,869	8,869	8,873	8,869
Net earnings	0	0	0	0	0	0
Paid in capital – restricted stock units	0	0	0	0	0	0
Repurchase of shares	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Other comprehensive income						0
Balance	8,873	8,873	8,873	8,869	8,869	8,869	8,873	8,869
AOCI Attributable to Parent [Member]
Balance	0	0	0	0	0	(317)	0	(317)
Net earnings	0	0	0	0	0	0
Paid in capital – restricted stock units	0	0	0	0	0	0
Repurchase of shares	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Other comprehensive income						317
Balance	0	0	0	0	0	0	0	0
Additional Paid-in Capital [Member]
Balance	35,336	35,294	35,247	35,161	35,083	35,005	35,247	35,005
Net earnings	0	0	0	0	0	0
Paid in capital – restricted stock units	32	42	47	37	78	78
Repurchase of shares	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Other comprehensive income						0
Balance	35,368	35,336	35,294	35,198	35,161	35,083	35,368	35,198
Treasury Stock, Common [Member]
Balance	(13,063)	(13,052)	(12,929)	(7,781)	(7,778)	(7,778)	(12,929)	(7,778)
Net earnings	0	0	0	0	0	0
Paid in capital – restricted stock units	0	0	0	0	0	0
Repurchase of shares	(37)	(11)	(123)	(5,148)	(3)
Cash dividends	0	0	0	0	0	0
Other comprehensive income						0
Balance	(13,100)	(13,063)	(13,052)	(12,929)	(7,781)	(7,778)	(13,100)	(12,929)
Retained Earnings [Member]
Balance	97,618	98,572	96,284	90,560	87,195	79,653	96,284	79,653
Net earnings	(1,152)	(675)	2,567	1,184	3,513	7,690
Paid in capital – restricted stock units	0	0	0	0	0	0
Repurchase of shares	0	0	0	0	0
Cash dividends	(278)	(279)	(279)	(139)	(148)	(148)
Other comprehensive income						0
Balance	$ 96,188	$ 97,618	$ 98,572	$ 91,605	$ 90,560	$ 87,195	$ 96,188	$ 91,605

Note H - Derivative Financial Instruments (Tables)

9 Months Ended

Dec. 31, 2024

Schedule of Derivative Instruments [Table Text Block]

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	38	Current portion of derivative liability	$	10

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	74	Current portion of derivative liability	$	1,686

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

		Pre-Tax Gain (Loss) Recognized in OCI	Location of Loss Reclassified from AOCI into Net Earnings		Pre- Tax Loss Reclassified from AOCI into Net Earnings
For the nine months ended December 31, 2023:
Hot-rolled coil steel contracts	$	—	*Sales*	$	(418	)
Total	$	—		$	(418	)

Derivative Instruments, Gain (Loss) [Table Text Block]

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*December 31, 2024*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	264

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Nine Months Ended*
	*Recognized in Earnings*	*December 31, 2024*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	5,833

		*Loss Recognized in Earnings*
	*Location of Loss*	*for the Three Months Ended*
	*Recognized in Earnings*	*December 31, 2023*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	(4,126	)

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Nine Months Ended*
	*Recognized in Earnings*	*December 31, 2023*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	706

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2023	$	(317	)
Other comprehensive income, net of loss, before reclassification		—
Total loss reclassified from AOCI (1)		317
Net current period other comprehensive income		317
Balance at December 31, 2023	$	—

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Note H - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Net current period other comprehensive income

$ 128,764

$ 126,809

$ 127,475

$ 115,432

317

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]

$ 127,329

122,743

$ 127,329

122,743

Other comprehensive income, net of loss, before reclassification

(317)

Total loss reclassified from AOCI (1)

^[1]

317

Net current period other comprehensive income

317

$ 0

[1]	The loss reclassified from AOCI is presented net of tax benefits of approximately $0.1 million which are included in the provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the six months ended September 30, 2023.

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note M - Other Comprehensive Income

9 Months Ended

Dec. 31, 2024

Comprehensive Income (Loss) Note [Text Block]

NOTE M — OTHER COMPREHENSIVE INCOME

The following table summarizes the tax effects on each component of Other Comprehensive Income for the nine months ended December 31, 2023 (in thousands):

	*Nine Months Ended December 31, 2023*
	*Before-Tax*		*Tax*			*Net-of-Tax*

Cash flow hedges	$	418	$	(101	)	$	317
Other comprehensive income	$	418	$	(101	)	$	317

Note H - Derivative Financial Instruments

9 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we expect to utilize hot-rolled coil futures or options to reduce our exposure to commodity price risk that is inherent in our business. For the nine months ended December 31, 2024, all of the Company's hedging activities were classified as economic hedges of risk with mark-to-market ("MTM") accounting treatment. For the nine months ended December 31, 2023, the Company had hedging activities classified as cash flow hedges with hedge accounting treatment according to the requirements of ASC 815– Derivatives and Hedging and hedging activities classified as economic hedges of risk with MTM accounting treatment. By using derivatives, the Company is exposed to credit and market risk. The Company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The Company attempts to minimize its credit risk by entering into transactions with high quality counterparties and uses exchange-traded derivatives when available. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices. The Company manages market risk by continually monitoring exposure within its risk management strategy and portfolio. For any transactions designated as hedging instruments for accounting purposes, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items.

The Company has forward physical purchase supply agreements in place with some of its suppliers for a portion of its monthly physical steel needs. These supply agreements are not subject to mark-to-market accounting due to the Company electing the normal purchase normal sale exclusion provided in ASC 815.

At December 31, 2024 and March 31, 2024, the Company did not have any hot-rolled coil futures contracts designated as hedging instruments and classified as cash flow or fair value hedges.

The following table summarizes the fair value of the Company’s derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as of December 31, 2024 (in thousands):

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	38	Current portion of derivative liability	$	10

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	74	Current portion of derivative liability	$	1,686

All derivatives are presented on a gross basis on the Consolidated Balance Sheets.

During the nine months ended December 31, 2024 and 2023, the Company entered into hot-rolled coil futures contracts that were not designated as hedging instruments for accounting purposes. Accordingly, the change in fair value related to these instruments was immediately recognized in earnings for these periods. During the nine months ended December 31, 2024 and 2023, the Company did not designate any transactions as hedging instruments for accounting purposes. During the nine months ended December 31, 2023, the Company reclassified the loss associated with previously designated cash flow hedges into earnings during the period.

The following table summarizes the pre-tax gain (loss) recognized in other comprehensive income and the loss reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the nine months ended December 31, 2023 (in thousands):

		Pre-Tax Gain (Loss) Recognized in OCI	Location of Loss Reclassified from AOCI into Net Earnings		Pre- Tax Loss Reclassified from AOCI into Net Earnings
For the nine months ended December 31, 2023:
Hot-rolled coil steel contracts	$	—	*Sales*	$	(418	)
Total	$	—		$	(418	)

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during the three and nine months ended December 31, 2024 (in thousands):

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*December 31, 2024*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	264

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Nine Months Ended*
	*Recognized in Earnings*	*December 31, 2024*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	5,833

The following table summarizes the gain (loss) recognized in earnings for derivative instruments not designated as hedging instruments during the three and nine months ended December 31, 2023 (in thousands):

		*Loss Recognized in Earnings*
	*Location of Loss*	*for the Three Months Ended*
	*Recognized in Earnings*	*December 31, 2023*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	(4,126	)

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Nine Months Ended*
	*Recognized in Earnings*	*December 31, 2023*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	706

The notional amount (quantity) of our derivative instruments not designated as hedging instruments at December 31, 2024 consisted of 4,020 tons of long positions with maturity dates of January 2025 to February 2025 and 180 tons of short positions with maturity dates ranging from March 2025 to September 2025.

The following tables reflect the change in accumulated other comprehensive income (loss), net of tax, for the nine months ended December 31, 2023 (in thousands):

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2023	$	(317	)
Other comprehensive income, net of loss, before reclassification		—
Total loss reclassified from AOCI (1)		317
Net current period other comprehensive income		317
Balance at December 31, 2023	$	—

(1) The loss reclassified from AOCI is presented net of tax benefits of approximately $0.1 million which are included in the provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the nine months ended December 31, 2023.

At December 31, 2024 and March 31, 2024, cash of approximately $0.1 million and $3.0 million, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash requirements are included in "Other current assets" on the Company's Consolidated Balance Sheets at December 31, 2024 and March 31, 2024.

Note N - Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended*					*Nine Months Ended*
	*December 31,*					*December 31,*
	*2024*			*2023*		*2024*		*2023*
Numerator (basic and diluted)
Net earnings (loss)	$	(1,152	)	$	1,184	$	740	$	12,387
Less: Allocation to unvested restricted stock units		1			10		3		131
Net earnings (loss) attributable to common shareholders	$	(1,153	)	$	1,174	$	737	$	12,256

Denominator (basic and diluted)
Weighted average common shares outstanding		6,948,023			7,245,183		6,942,216		7,274,332

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

Three Months Ended

Nine Months Ended

December 31,

2024

2023

2024

2023

Restricted Stock Units

16,425

48,840

13,832

42,709

Note G - Stock Based Compensation (Tables)

9 Months Ended

Dec. 31, 2024

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2024		64,487		$	6.62
Cancelled or forfeited		—			—
Granted		—			—
Vested		(46,000	)		6.45
Unvested at December 31, 2024		18,487		$	7.04

Note H - Derivative Financial Instruments (Details Textual) $ in Millions	9 Months Ended
	Dec. 31, 2024 USD ($) T	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset \| $	$ 0.1		$ 3.0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax \| $		$ 0.1
Not Designated as Hedging Instrument [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	4,020
Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	180

Note F - Property, Plant and Equipment

9 Months Ended

Dec. 31, 2024

Property, Plant and Equipment Disclosure [Text Block]

NOTE F — PROPERTY, PLANT AND EQUIPMENT

At December 31, 2024, the Company's construction in process balance of approximately $0.7 million consisted of several smaller projects among our facilities. During December 2024, the Company's tubular segment sold equipment for $0.8 million resulting in a gain of approximately $0.4 million.

Note I - Fair Value Measurements

9 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Text Block]

NOTE I — FAIR VALUE MEASUREMENTS

Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:

●

Level 1 – Quoted prices for identical assets and liabilities in active markets.

●

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly.

●

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

Recurring Fair Value Measurements

At December 31, 2024, our financial assets, net, measured at fair value on a recurring basis were as follows (in thousands):

	*Quoted Prices*
	*in Active*		*Significant*
	*Markets for*		*Other*		*Significant*
	*Identical*		*Observable*		*Unobservable*
	*Assets*		*Inputs*		*Inputs*
	*(Level 1)*		*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial assets, net	$	28	$	—	$	—	$	28
Total	$	28	$	—	$	—	$	28

At March 31, 2024, our financial liabilities, net, measured at fair value on a recurring basis were as follows (in thousands):

	*Quoted Prices*
	*in Active*			*Significant*
	*Markets for*			*Other*		*Significant*
	*Identical*			*Observable*		*Unobservable*
	*Assets*			*Inputs*		*Inputs*
	*(Level 1)*			*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial liabilities, net	$	(1,612	)	$	—	$	—	$	(1,612	)
Total	$	(1,612	)	$	—	$	—	$	(1,612	)

At December 31, 2024 and March 31, 2024, the Company did not have any fair value measurements on a non-recurring basis.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Note I - Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2024

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	*Quoted Prices*
	*in Active*		*Significant*
	*Markets for*		*Other*		*Significant*
	*Identical*		*Observable*		*Unobservable*
	*Assets*		*Inputs*		*Inputs*
	*(Level 1)*		*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial assets, net	$	28	$	—	$	—	$	28
Total	$	28	$	—	$	—	$	28

	*Quoted Prices*
	*in Active*			*Significant*
	*Markets for*			*Other*		*Significant*
	*Identical*			*Observable*		*Unobservable*
	*Assets*			*Inputs*		*Inputs*
	*(Level 1)*			*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial liabilities, net	$	(1,612	)	$	—	$	—	$	(1,612	)
Total	$	(1,612	)	$	—	$	—	$	(1,612	)

Note D - Debt (Details Textual) $ in Millions			10 Months Ended
Note D - Debt (Details Textual) $ in Millions	Apr. 29, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 11, 2022 USD ($)	Dec. 31, 2024 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 25.0
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150.0			$ 99.2
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	90.00%	85.00%	85.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage	15.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Value	$ 22.5
Debt Instrument, Covenant, Fixed Charge Coverage Ratio			1.1
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments		$ 5.0	$ 5.0
Long-Term Line of Credit				$ 32.5
Line of Credit Facility, Interest Rate at Period End				6.50%
Debt Issuance Costs, Gross				$ 0.4
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.80%

Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Dec. 31, 2024 $ / shares shares
Unvested (in shares) \| shares	64,487
Unvested, grant date fair value per share (in dollars per share) \| $ / shares	$ 6.62
Cancelled or forfeited (in shares) \| shares	0
Cancelled or forfeited, grant date fair value per share (in dollars per share) \| $ / shares	$ 0
Granted (in shares) \| shares	0
Granted, grant date fair value per share (in dollars per share) \| $ / shares	$ 0
Vested (in shares) \| shares	(46,000)
Vested, grant date fair value per share (in dollars per share) \| $ / shares	$ 6.45
Unvested (in shares) \| shares	18,487
Unvested, grant date fair value per share (in dollars per share) \| $ / shares	$ 7.04

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
CURRENT ASSETS:
Cash	$ 1,075	$ 2,891
Accounts receivable, net of allowances for credit losses and cash discounts of $145 and $97 at December 31, and March 31, 2024, respectively	31,727	47,329
Inventories	115,394	115,804
Current portion of derivative assets	38	74
Other current assets	1,052	3,966
TOTAL CURRENT ASSETS	149,286	170,064
PROPERTY, PLANT AND EQUIPMENT:
Land	1,670	1,670
Buildings and yard improvements	30,906	30,900
Machinery and equipment	56,586	53,607
Construction in process	665	1,977
Less accumulated depreciation	(33,040)	(31,396)
TOTAL PROPERTY, PLANT AND EQUIPMENT	56,787	56,758
OTHER ASSETS:
Operating lease right-of-use asset	2,894	2,841
Other assets	1,285	356
TOTAL ASSETS	210,252	230,019
CURRENT LIABILITIES:
Accounts payable and accrued expenses	41,081	43,886
Income taxes payable	0	2,213
Dividends payable	279	279
Employee compensation and related expenses	906	5,989
Current portion of financing lease	0	54
Current portion of derivative liability	10	1,686
TOTAL CURRENT LIABILITIES	42,276	54,107
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	116	105
DEFERRED INCOME TAX LIABILITY	5,232	5,257
NON-CURRENT LEASE LIABILITIES	2,790	2,782
ASSET BASED LENDING FACILITY	32,509	40,293
TOTAL LIABILITIES	82,923	102,544
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,873,203 shares at December 31, and March 31, 2024	8,873	8,873
Additional paid-in capital	35,368	35,247
Treasury stock at cost (1,906,693 shares and 1,896,892 shares at December 31, and March 31, 2024, respectively)	(13,100)	(12,929)
Retained earnings	96,188	96,284
TOTAL STOCKHOLDERS’ EQUITY	127,329	127,475
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 210,252	$ 230,019

Note N - Earnings Per Share

9 Months Ended

Dec. 31, 2024

Earnings Per Share [Text Block]

NOTE N — EARNINGS PER SHARE

Basic and dilutive net earnings per share is computed based on the following information (in thousands, except for share data):

	*Three Months Ended*					*Nine Months Ended*
	*December 31,*					*December 31,*
	*2024*			*2023*		*2024*		*2023*
Numerator (basic and diluted)
Net earnings (loss)	$	(1,152	)	$	1,184	$	740	$	12,387
Less: Allocation to unvested restricted stock units		1			10		3		131
Net earnings (loss) attributable to common shareholders	$	(1,153	)	$	1,174	$	737	$	12,256

Denominator (basic and diluted)
Weighted average common shares outstanding		6,948,023			7,245,183		6,942,216		7,274,332

For the nine months ended December 31, 2024 and 2023, the Company allocated dividends and undistributed earnings to the unvested restricted stock units.

As the restricted stock qualifies as participating securities, the following restricted stock units were not accounted in the computation of weighted average diluted common shares outstanding under the two-class method:

Three Months Ended

Nine Months Ended

December 31,

2024

2023

2024

2023

Restricted Stock Units

16,425

48,840

13,832

42,709

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Allowances for bad debts and cash discounts	$ 145	$ 97
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	8,873,203	8,873,203
Treasury stock, common shares (in shares)	1,906,693	1,896,892

Note J - Industry Segment Data - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Net Sales	$ 94,074	$ 115,973	$ 315,384	$ 384,019
Operating profit (loss)	(1,187)	6,173	(2,809)	17,585
Gain (loss) on economic hedges of risk	264	(4,126)	5,833	706
Interest expense	(632)	(790)	(2,182)	(2,135)
Other income	3	1	3	17
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES	(1,552)	1,258	845	16,173
Identifiable assets	210,252		210,252		$ 230,019
Flat-roll [Member]
Net Sales	86,144	106,424	286,910	352,148
Tubular [Member]
Net Sales	7,930	9,549	28,474	31,871
Operating Segments [Member]
Operating profit (loss)	1,061	8,578	4,629	25,814
Identifiable assets	207,452		207,452		225,386
Operating Segments [Member] \| Flat-roll [Member]
Net Sales	86,144	106,424	286,910	352,148
Operating profit (loss)	1,295	8,694	6,630	23,650
Identifiable assets	193,538		193,538		205,797
Operating Segments [Member] \| Tubular [Member]
Net Sales	7,930	9,549	28,474	31,871
Operating profit (loss)	(234)	(116)	(2,001)	2,164
Identifiable assets	13,914		13,914		19,589
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
General corporate expenses	(2,248)	$ (2,405)	(7,438)	$ (8,229)
Identifiable assets	$ 2,800		$ 2,800		$ 4,633

Note N - Earnings Per Share - Restricted Stock Units (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	16,425	48,840	13,832	42,709

Note C - Inventories

9 Months Ended

Dec. 31, 2024

Inventory Disclosure [Text Block]

NOTE C — INVENTORIES

The Company operates in two segments: the flat-roll segment and the tubular segment. Both flat-roll segment and tubular segment inventories consist of raw material and finished goods. Cost for substantially all of the Company's inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value. Flat-roll raw material inventory consists of steel coils the Company will process into sheet and plate. Flat-roll finished goods consists of processed sheet and plate inventory. Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured. Inventory costs include the costs of the purchased metals, inbound freight, transfer freight, certain external processing, internal processing, direct labor and applicable overhead costs.

A summary of inventory values by product group follows (in thousands):

	*December 31, 2024*		*March 31, 2024*
Flat-Roll raw material	$	88,379	$	85,483
Flat-Roll finished goods		16,504		17,030
Tubular raw material		5,707		4,185
Tubular finished goods		4,804		9,106
	$	115,394	$	115,804

Note C - Inventories (Details Textual)	9 Months Ended
Note C - Inventories (Details Textual)	Dec. 31, 2024
Number of Operating Segments	2

Note L - Stockholders' Equity (Tables)

9 Months Ended

Dec. 31, 2024

Schedule of Stockholders Equity [Table Text Block]

			*Accumulated*
			*Other*
			*Comprehensive*		*Additional*
	*Common*		*Income,*		*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*		*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2024	$	8,873		—	$	35,247	$	(12,929	)	$	96,284		$	127,475
Net earnings		—		—		—		—			2,567			2,567
Paid in capital – restricted stock units		—		—		47		—			—			47
Repurchase of shares		—		—		—		(123	)		—			(123	)
Cash dividends ($0.04 per share)		—		—		—		—			(279	)		(279	)
BALANCE AT JUNE 30, 2024	$	8,873	$	—	$	35,294	$	(13,052	)	$	98,572		$	129,687
Net loss		—		—		—		—			(675	)		(675	)
Paid in capital – restricted stock units		—		—		42		—			—			42
Repurchase of shares		—		—		—		(11	)		—			(11	)
Cash dividends ($0.04 per share)		—		—		—		—			(279	)		(279	)
BALANCE AT SEPTEMBER 30, 2024	$	8,873	$	—	$	35,336	$	(13,063	)	$	97,618		$	128,764
Net loss		—		—		—		—			(1,152	)		(1,152	)
Paid in capital – restricted stock units		—		—		32		—			—			32
Repurchase of shares		—		—		—		(37	)		—			(37	)
Cash dividends ($0.04 per share)		—		—		—		—			(278	)		(278	)
BALANCE AT DECEMBER 31, 2024	$	8,873	$	—	$	35,368	$	(13,100	)	$	96,188		$	127,329

			*Accumulated*
			*Other*
			*Comprehensive*			*Additional*
	*Common*		*Income,*			*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*			*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2023	$	8,869		(317	)	$	35,005	$	(7,778	)	$	79,653		$	115,432
Net earnings		—		—			—		—			7,690			7,690
Other comprehensive income		—		317			—		—			—			317
Paid in capital – restricted stock units		—		—			78		—			—			78
Cash dividends ($0.02 per share)		—		—			—		—			(148	)		(148	)
BALANCE AT JUNE 30, 2023	$	8,869	$	—		$	35,083	$	(7,778	)	$	87,195		$	123,369
Net earnings		—		—			—		—			3,513			3,513
Paid in capital – restricted stock units		—		—			78		—			—			78
Repurchase of shares		—		—			—		(3	)		—			(3	)
Cash dividends ($0.02 per share)		—		—			—		—			(148	)		(148	)
BALANCE AT SEPTEMBER 30, 2023	$	8,869	$	—		$	35,161	$	(7,781	)	$	90,560		$	126,809
Net earnings		—		—			—		—			1,184			1,184
Paid in capital – restricted stock units		—		—			37		—			—			37
Repurchase of shares		—		—			—		(5,148	)		—			(5,148	)
Cash dividends ($0.02 per share)		—		—			—		—			(139	)		(139	)
BALANCE AT DECEMBER 31, 2023	$	8,869	$	—		$	35,198	$	(12,929	)	$	91,605		$	122,743

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net earnings	$ 740	$ 12,387
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	2,445	2,293
Deferred taxes	(25)	(41)
Compensation expense for restricted stock	121	193
Change in postretirement benefits	11	6
Gain recognized on open derivatives not designated for hedge accounting	(1,640)	(894)
Deferred realized loss on derivatives	0	418
Gain on disposal of property, plant and equipment	(153)	0
Right-of-use asset	11	0
Decrease (increase) in operating assets:
Accounts receivable	15,602	4,945
Inventories	410	(27,656)
Other current assets	58	(1,621)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(2,861)	11,058
Income taxes payable	(2,213)	1,400
Contribution to retirement plan	0	(350)
Employee compensation and related expenses	(5,083)	(1,121)
NET CASH PROVIDED BY OPERATING ACTIVITIES	7,423	1,017
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(3,045)	(4,774)
Proceeds from sale of assets	800
Deposit on steel processing equipment	(1,000)
Increase in cash surrender value of officers’ life insurance	(5)	(10)
NET CASH USED IN INVESTING ACTIVITIES	(3,250)	(4,784)
FINANCING ACTIVITIES
Cash dividends paid	(836)	(443)
Cash paid for principal portion of finance lease	(54)	(80)
Cash paid for share repurchases	(171)	(5,151)
Borrowings on asset based lending facility	470,404	609,991
Repayments on asset based lending facility	(478,188)	(597,144)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(8,845)	7,173
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	(4,672)	3,406
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,897	5,386
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 1,225	$ 8,792

Note P - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit)	$ (400)	$ 74	$ 105	$ 3,786

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Note M - Other Comprehensive Income (Tables)

9 Months Ended

Dec. 31, 2024